Economics is known as "the dismal science." Rep. Ron Paul does his best in this book to explain economics entertainingly, but it's a pretty dismal book. Paul does a fine job explaining economics as well as his policy prescriptions for the economic future -- but the "dismal science" topic disallows Paul's usual entertaining style. If you want to understand this economic crisis, plow through this book. But if you want an entertaining book, try Paul's other books (linked below).

The title "End the Fed" derives from a chanting crowd during the 2008 election: "The title of this book comes from a slogan that can be heard at rallies all around the country. I first heard it at the University of Michigan in October 2007. When I mentioned monetary policy, a small group chanted, 'End the Fed! End the Fed!' The whole crowd of 4,000 took up the call. Many held up burning dollar bills, as if to say to the central bank, you have done enough damage: your time is up." (p. 4)

Back to the dismal science: Some of Paul's points:

The Fed creates money out of thin air, as opposed to basing it on gold. (pp. 2-3)

The Fed's money monopoly depreciates the dollar (pp. 6-7)

The Fed was founded in 1924 to end all business cycles & panics, but obviously has not (pp. 24-27)

We should restore the gold standard (backing dollars with gold) which Nixon ended in 1971 (pp. 44-46)

Paul goes into much more technical detail on many other issues too -- he really does explain how money works; how the Fed manipulates the system; and why politicians prefer to keep the system that way. If you're going to study the dismal science, and don't mind the libertarian take, this book really is the best way to learn it!

-- Jesse Gordon, editor-in-chief, OnTheIssues.org, June 2011

OnTheIssues.org excerpts:(click on issues for details)

Budget & EconomyHank Paulson: 2008 downturn in housing market caused crisis & recession.
Milton Friedman: The Great Depression was the fault of the Federal Reserve.
Milton Friedman: Money supply needs to expand, to support economic growth.
Ron Paul: Fed has ominous power with no oversight & no control.
Ron Paul: Paper money in unconstitutional; only gold is legal tender.
Tim Geithner: 2008 errors: money supply too loose; interest rates too low.
Barack Obama: Some wealth of the last economic boom was illusory.
Richard Nixon: 1971: "We are all Keynesians now"; end the gold standard.
Ron Paul: Economic crisis demonstrates that Fed must come to an end.
Ron Paul: Security or growth: you can't have both.
Ronald Reagan: No great nation abandoned gold standard and remained great.